Annual Report 2012 - Accessible Version

Maps of the Federal Reserve System

These maps show the boundaries of the twelve Federal Reserve Districts, the location of the Reserve Bank (and any Branch or Branches) within each District, and the Washington, D.C., location of the Board of Governors. Following is a list of the twelve Districts, by number and letter; the city in which the Reserve Bank is located; the states within the District; and the location of any Branch or Branches of the Reserve Bank.Return to text

District 2-B, New York. Encompasses New York State, twelve counties in northern New Jersey, Fairfield County in Connecticut, Puerto Rico, and the U.S. Virgin Islands. No Branches.Return to text

District 3-C, Philadelphia. Encompasses eastern Pennsylvania, southern New Jersey, and all of Delaware. No Branches.Return to text

District 4-D, Cleveland. Encompasses Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. Branches in Pittsburgh and Cincinnati.Return to text

District 5-E, Richmond. Encompasses Maryland, Virginia, North Carolina, South Carolina, and most of West Virginia. Branches in Baltimore and Charlotte.Return to text

District 6-F, Atlanta. Encompasses Alabama, Florida, Georgia, and parts of Louisiana, Mississippi, and Tennessee. Branches in Nashville, Birmingham, Jacksonville, Miami, and New Orleans.Return to text

District 7-G, Chicago. Encompasses Iowa and most of Illinois, Indiana, Michigan, and Wisconsin. Branch in Detroit.Return to text

District 8-H, St. Louis. Encompasses Arkansas and portions of Missouri, Mississippi, Tennessee, Kentucky, Indiana, and Illinois. Branches in Louisville, Memphis, and Little Rock.Return to text

District 9-I, Minneapolis. Encompasses Minnesota, Montana, North Dakota, South Dakota, twenty-six counties in northwestern Wisconsin, and the Upper Peninsula of Michigan. Branch in Helena.Return to text

Note: The data are monthly. The oil price is the
spot price of Brent crude oil, and the last observation is the average for
February 1-21, 2013. The price of nonfuel commodities is an index of 45
primary-commodity prices and extends through January 2013.

Source: For oil, the Commodity Research Bureau;
for nonfuel commodities, International Monetary Fund.

Figure 7. Inflation compensation, 2004-13

Description: Data are plotted as two curves. Units are percent.
The curves cross at various points in 2005. There is a horizontal zero
line.

The 5-year (carry adjusted) series starts at the beginning of 2004 around 2
and steadily increases to around 2.5 by mid-2004 before declining slightly over
Q3 and then increasing to around 2.5 by the end of 2004. The series generally
remains around this level until early 2008, when it falls slightly to around
1.8; by mid-2008, it increases to around 2.5. It then falls to about negative
1.5 over the second half of 2008 and finishes the year at about negative 1. The
series gradually increases in 2009; it returns to positive in early 2009 and,
after briefly dipping slightly below 0, reaches about 1.5 by mid-2009, ending
the year around 2. In 2010, the series generally falls through the first three
quarters to about 1 but ends the year at around 1.9. In early 2011, the series
rises slightly to about 2.25 and then falls to about 1.5 by Q3. It ends the
year at around 1.75. In early 2012, the series increases to around 2 before
decreasing to about 1.75 and then generally rising to end the year at around
2.5. It remains around this level until the series ends in early 2013.

The 5-to-10-years-ahead series starts at the beginning of 2004 at around 3
and falls gradually to about 2.8 in Q1 before rising to about 3.3 by mid-2004.
It then falls to about 2.75 by Q3 and ends 2004 at about 3. It falls to around
2.5 by mid-2005 and generally remains at that level until around late 2008, when
it first jumps to about 3.5 before quickly falling to about 2 by the end of
2008. The series generally increases through 2009 and ends the year around
3.25. In 2010, the series gradually falls to about 2 by Q3 and then increases
slightly to end the year around 3. In early 2011, the series falls to just under
3, is about 2.3 by Q3, and ends the year at around 2.5. The series generally
rises in 2012 and ends just under 3. It remains around this level until the
series ends in early 2013.

Note: The data are weekly averages of daily data
and extend through February 15, 2013. Inflation compensation is the difference
between yields on nominal Treasury securities and Treasury inflation-protected
securities (TIPS) of comparable maturities, based on yield curves fitted to
off-the-run nominal Treasury securities and on- and off-the-run TIPS. The 5-year
measure is adjusted for the effect of indexation lags.

Note: The data are monthly and extend into
2012:Q4. Each index has been normalized so that its peak is 100. Both the
CoreLogic price index and the FHFA index include purchase transactions only. The
S&P/Case-Shiller index reflects all arm's-length sales transactions in
selected metropolitan areas.

Description: Data are plotted as three curves. Units are
percent. There is a horizontal zero line. The 5-year TIPS curve crosses the
other curves at various points from late 2008 to early 2009. The curves for
5-year nominal and for 10-year nominal roughly overlap from late 2005 to late
2007.

The 5-year nominal series starts at the beginning of 2004 at about 3.3 and
declines slightly to just below 3 before rising to about 4 in mid-2004. It
decreases slightly to just below 3.5 over the second half of 2004 and then
generally rises until it reaches about 5 in mid-2006. It generally stays at
around this level until late 2007, when it declines sharply, reaching about
2.25 by early 2008. It then increases briefly to around 3.5 in mid-2008 before
declining to about 1.5 in late 2008. The series rises to just below 3 by
mid-2009 and remains generally between 2.5 and 2 until mid-2010. The series then
declines to about 1 in late 2010 and increases to slightly above 2 by early
2011. It declines to just below 1 in late 2011 and generally remains at this
level until the series ends in early 2013.

The general behavior of the 10-year nominal series is in line with that of
the 5-year nominal series. The 10-year nominal series starts at the beginning
of 2004 at just above 4 and then declines slightly to just below 4 early in the
year before rising to just below 5 in midyear. The series declines slightly to
about 4 over the second half of 2004 and then generally rises until it reaches
about 5 in mid-2006. It generally stays at around this level until late 2007,
when it declines sharply, reaching about 3.5 by early 2008. It then briefly
increases to just over 4 in mid-2008 before another decline to about 2 in late
2008. The series rises to about 4 by mid-2009 and remains generally between 4
and 3.5 until mid-2010. The series then declines to about 2.5 in late 2010 and
increases to about 3.75 by early 2011. It declines to just below 2 in late 2011
and generally remains at about this level through late 2012 before ending at
around 2 in early 2013.

The 5-year TIPS series starts at the beginning of 2004 at just above 1. It
dips slightly to about 0.5 in early 2004 before rising to about 1.5 by
mid-2004. It then gradually declines to about 1 by late 2004 before generally
increasing to about 2.5 by mid-2007. It declines sharply to about 0 by early
2008, which is followed by a sharp spike to about 4 by late 2008. The series
declines to about 1.5 by early 2009. It generally declines and is first
negative around late 2010, briefly returns to positive in late 2010 and early
2011, and remains negative from early 2011 until it ends in early 2013 at around
negative 1.5.

Note: The data are daily and extend through
February 21, 2013. Treasury inflation-protected securities (TIPS) are based on
yield curves fitted by Federal Reserve staff to on- and off-the-run TIPS.

Description: Data
are plotted as three curves. Units are percentage points. There is a horizontal
zero line. The curves for AA and BBB overlap briefly in late 2008.

The high-yield series starts at the beginning of 1997 at around 4, generally
rises to around 6 by late 1998, and falls back to about 4 by early 2000. It
then rises to about 8 by early 2001 and, from that point, fluctuates between
around 8 and around 6 through mid-2003. It generally falls to around 3 by late
2003. It then fluctuates between that point and a little more than 4 until
mid-2007. Beginning in mid-2007, it rises to around 6.5 by early 2008 and, after
falling a bit by mid-2008, jumps sharply to a little more than 16 by early
2009. It fluctuates between about 10 and 14 in early 2009 and then falls
quickly at the end of 2009 to about 4. It rises to about 6 by early 2010 and
falls a little below 4 by early 2011. The series rises to about 7.5 by late
2011 and ends the year around 6. It then declines to around 5 before rising to
about 6 by mid-2012. The series generally declines and ends in early 2013 at
around 4.5.

The BBB series starts at the beginning of 1997 at around 1, rises to about 2
by late 1998, and then falls and generally remains around 1.5 until early 2000.
It generally rises to about 3 by late 2002. It then generally falls, reaching
about 1 by late 2003 and staying at about that level until early 2005, when it
rises gradually to about 2 by mid-2007, rises to around 3 by mid-2008, and
jumps to around 6.5 by the end of 2008. It falls quickly to about 3 by mid-2009
and then falls a bit more to around 2 toward the end of 2009. It remains at
about that level until mid-2011, when it rises, reaching about 3 by late 2011.
It declines steadily over 2012, reaching about 2 by year-end. It ends around 2
in early 2013.

The AA series starts at the beginning of 1997 at around 0.5 and rises to
around 1 by late 1998. It remains between 1 and about 1.5 until late 2002. It
generally falls to about 1 in early 2003 and remains at about that level until
mid-2007. It generally rises from that level to around 4 by the end of 2008 and
then generally falls to slightly below 2 by mid-2009. It remains between about
1 and 1.5 until mid-2011. It then rises to just above 2 by late 2011. The
series then declines over 2012, reaching about 1 by year-end, and ends in early
2013 at just under 1.

Note: The data are daily and extend through
February 21, 2013. The spreads shown are the yields on 10-year bonds less the
10-year Treasury yield.